Father of twin and Portuguese captain has already agreed personal terms on a four-year deal which could see him earn as much as €30m Per season.
The 33-year-old's sensational move to Italy will end his nine season spell in Spain, where he has scored an astonishing 451 goals in 438 appearances.
Laliga side Madrid issued a statement on their website on Tuesday afternoon, it read:
"Real Madrid CF communicates that, in response to the will and request expressed by the player Cristiano Ronaldo, he has agreed to transfer to Juventus FC.
"Today, Real Madrid wants to express its gratitude to a player who has proved to be the best in the world and who has marked one of the brightest times in the history of our club and world football.
"Beyond the conquered titles, the trophies achieved and the triumphs achieved in the playing fields during these 9 years, Cristiano Ronaldo has been an example of dedication, work, responsibility, talent and improvement.
"He has also become the top scorer in the history of Real Madrid with 451 goals in 438 games.
"In total 16 titles, including 4 European Cups, three of them consecutive and four in the last five seasons. On an individual basis, with the Real Madrid jersey he has won four Gold Balls, two The Best, and three Gold Boots, among many other awards.
"For Real Madrid Cristiano Ronaldo will always be one of his great symbols and a unique reference for the next generations.
"Real Madrid will always be your home."
At Los Blancos, Ronaldo has won everything available to him - two La Liga titles, two Copa del Rey trophies and four Champions League trophies, to name a few.
Ronaldo threw open the door to a move away from the Santiago Bernabeu following the Champions League final in May.
The Portugal captain spoke about his time at Real Madrid in past tense and said his future would become clear in the coming days.
However, Ronaldo backtracked at Real's trophy parade a day later and told fans he would 'see them next season'.
Speculation over Ronaldo's future died down as he represented Portgual at the World Cup. But following his nation's last-16 defeat to Uruguay transfer rumours over a move to Juventus gathered pace
It is now believed a £105million fee has been agreed between Juventus and Real Madrid for the 33-year-old.
If the figure is correct, it means the five-time Ballon d'Or winner should stand to earn just over £510,000 Per week.
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